NJ Gov Race: Guadagno Releases 2016 Tax Returns

Kim Guadagno. Kevin B. Sanders for Observer

Lt. Gov. Kim Guadagno and her husband made a combined $306,375 in 2016, according to income tax returns announced Wednesday and now online.

The Guadagnos paid $65,660 in taxes last year and made $5,365 in charitable contributions, according to their joint filing.

In 2015, Guadagno and her husband, recently retired Superior Court Judge Michael Guadagno, reported gross income of $339,686 and paid $77,322 in total taxes.

She is by far the less-wealthy candidate in the governor’s race. Her opponent, Phil Murphy, has spent more than $16 million from his personal fortune on his campaign and made more than $7 million in 2015 mainly from investments.

Since becoming lieutenant governor nearly eight years ago, the Guadagnos have posted all their income tax returns online along with Gov. Chris Christie and his wife. All those returns are still available on the governor’s official website.

Democratic gubernatorial nominee Phil Murphy last year gave reporters the opportunity to review his tax returns during a two-hour period, but he did not allow them to be photographed or removed from a secure location. In 2015, Murphy and his wife Tammy brought in about $7.3 million in income, according to their return.

According to Guadagno, since Murphy’s tax returns show a vast array of complex investments — his only source of income since retiring from Goldman Sachs in 2006 — the public should be able to delve deeper into his tax returns for the sake of transparency.

“I have posted my tax returns publicly for years, but as he runs away from his record on Wall Street, Phil Murphy has refused to make his public,” Guadagno said in a statement. “The people of New Jersey deserve to know what Goldman Sachs millionaire Phil Murphy is hiding, especially since he made over $7 million in 2015 alone through huge international investment deals without putting in a day’s worth of work.”

On Wednesday, the Guadagno campaign launched a petition calling for Murphy to post tax returns online without limitations.

In the past, Murphy has rebutted the criticism of his handling of his tax returns. In December 2016, when criticized by Assemblyman Jack Ciattarelli for a “peekaboo” tax return release, Murphy said he had been “exceedingly transparent” with his tax portfolio.

Murphy has made available six years of tax returns to reporters. He has  not yet released his 2016 filing.

NJ Gov Race: Guadagno Releases 2016 Tax Returns